Axis bank case studyAxis bank spot cmp 985
Weekly time frame
Wolf wave + elliot wave study.
Elliot wave :- counter is trading in sub wave (v) of major wave 5 , where after motive phase gets terminated.
Price wise levels of 1015-1035 would act as a range where wave (v) could mature.
Ascending trend line resistance of wedge structure confluence around same levels.
Rsi in this last move have given bearish divergence.
Wolf wave :- on smaller time consideration wolf wave formation is being observed , which would mature around 1020-1040 levels.
around 2-3 major studies maturing around same range, on weekly time frame,
so going ahead counter would lots of selling pressure around this levels,
fresh long should only be considered above 1050 levels on weekly closing basis.
below that caution is required any time counter can slide to much lower levels.
Bulls keep caution ahead,,
